Thai law is very restrictive when it comes to foreign real property ownership. Buying a condo is generally the only way foreigners are allowed to purchase real property in Thailand outright. … The total area of the condo units owned by foreigners cannot exceed 49% of the total area of all saleable condo units.
Can foreigners own condos in Thailand?
In Thailand, foreigners may only own a condominium in his/her own name. Foreigners can take ownership of a condo by either purchasing a condo unit with a freehold title or entering into a long lease agreement, commonly known as “Leasehold”.
Can I live in Thailand if I buy a condo?
There are no restrictions on nationality and every foreigner who can enter Thailand legally (there are no visa-class requirements) can buy and own a condo unit within the foreign ownership quota of the condominium, but every foreigner must personally qualify for ownership under section 19 of the Condominium Act.
Is it easy to buy a condo in Thailand?
The process of buying a condo in Thailand is fairly easy, and only a few requirements must be met: The property purchased must be part of the project’s 49% surface that could be owned by foreigners. This can be easily verified at the developer’s office directly with the juristic responsible.
Can a foreigner buy a condo in Bangkok?
According to Thai law, foreigners are allowed to purchase freehold condominiums sans restrictions as long as the foreigner quota ratio does not exceed 49% of the saleable area in a building.
Can I live in Thailand permanently?
Obtaining status as a Permanent Resident (PR) in Thailand has many advantages. It allows you to live permanently in Thailand, with no requirement to apply for an extension of stay. … You will also be able to apply for an extension of stay and Permanent Resident status for your non-Thai family members.
Is buying a condo in Thailand a good investment?
Under the right circumstances, buying a condo in Thailand can be a rewarding purchase and a good investment. If you are a foreigner interested in buying a condo in Thailand there are several issues you need to be aware of. First, foreigners may only own 49% of a single condo development.
Do I need a lawyer to buy a condo in Thailand?
Buying any Real Estate in Thailand be it a house or a condo requires the services of a reputable law firm. Once you have decided which real estate you are going to purchase, always consult a lawyer before signing any documents.
What do I need to buy a condo in Thailand?
All money for the purchase of a condo must be sent to Thailand from a foreign country in the original currency. Without proof of this, a foreigner cannot register the condo in their name. Only 49% of rooms in a development can be owned by foreigners. The building needs to be governed by the condominium act.
Can I rent out my condo in Thailand?
As long as it is not considered a business you are basically free to rent out your condo in Thailand. … Note that when you rent out your apartment you are responsible for paying land and housing tax each year, and also note that rental income is subject to personal income tax under the Thailand Revenue Code.
Where is the best place to buy property in Thailand?
Usually the most popular cities and provinces for foreign homebuyers and investors to buy real estate in Thailand are as follows:
- Chiang Mai.
- Hua Hin.
- Koh Samui.
How much is an apartment in Bangkok?
An average one-bedroom condo with few amenities in Bangkok’s suburbs will generally cost about 1 million baht, or roughly $32,000, to 2.5 million baht, or roughly $80,000, Those numbers differ widely depending on how close the condo is to the city center and public transit.
Can foreigners buy in Thailand?
Generally, foreigners are not allowed to directly purchase land in Thailand. Simply put, Thai laws prohibit foreigners from owning land in their own name, although theoretically there is an exception but it is yet to be seen in practice.